N.Y. Development Corp. Misses Another Interest Payment

AUTHOR(S)

McDonald, Michael

PUB. DATE

May 2004

SOURCE

Bond Buyer;5/11/2004, Vol. 348 Issue 31881, p3

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

Reports on the failure of the Local Development Corp. (LDC) in Cicero, New York to make a semi-annual interest payment of Series 2001 lease appropriation bonds. Second monetary default on the junk-rated bonds for a recreation center and real estate project in the central part of the state; Attempts of the Cicero LDC to foreclose on the mortgage underlying the bonds and sell the development; Proceeds from the sale of LDC bonds.

ACCESSION #

13087307

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